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Economic Review

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Economic Review THE MONTHLY B u s in e s s R e v ie w Covering Business and Agricultural Conditions in the Sixth Federal Reserve District. FEDERAL RESERVE BANK OF ATLANTA JOS. A. McCORD, Chairman of the Board and Federal Reserve Agent WARD ALBERTSON, Assistant Federal Reserve Agent VOL. 9 ATLANTA, GA., MARCH 29, 1924 No. 3 BUSINESS CONDITIONS IN THE UNITED STATES Prepared by the Federal Reserve Board Employment at industrial establishments increased in February and the output of basic commodities was slightly larger. Distribution, both at wholesale and retail continued large; wholesale prices were somewhat higher; and there was a further increase in the volume of borrowing for commercial purposes. Production The Federal Reserve Board's Index of production in basic industries, adjusted to allow for length of month and other seasonal variation, increased less than one per cent in February. Production of pig iron, steel ingots, and flour increased, while mill consumption of cotton and production of cement and lumber declined. Factory employment advanced one per cent in February, following successive decreases during the three preceding months. Increases in working forces were reported by most industries and were particularly large at iron and steel plants, automobile factories and textile finishing establishments. Fuller employment through reduction of part time work is indicated by an increase of over 5 per cent in average weekly earnings. Building activity was slightly less than in January, though contracts awarded were seven per cent larger than a year ago. Trade Railroad shipments in February were in greater daily volume than in January and car loadings of practically all important commodities were larger than a year ago. The daily average volume of wholesale business in­ creased about five per cent in February but was slightly smaller than a year ago. Sales of meat, dry goods, and hardware were larger than in February 1923, while sales of shoes were smaller. Department store sales in Febru­ ary averaged about the same daily volume as in January and about 8 per cent more than a year ago, while merchandise stocks at these stores at the end of the month were six per cent above last years level. Business of mail order houses and chain stores also showed increased activity in comparison with January. Prices Wholesale prices, as measured by the index of the Bureau of Labor Statistics, advanced slightly in February. Prices of fuel, metals, and building materials increased, while prices of farm products, clothing, and chemicals declined. During the first two weeks in March price declines occurred in wheat, cotton, silk, hides, and rubber, and price advances in hogs, copper and crude petroleum. Bank Credit The volume of borrowing for commercial purposes at member banks in leading cities in the early part of March continued the increase which began in the latter part of January, and on March 12 total loans of the reporting banks were higher than at any time since the seasonal peak at the turn of the year, and about $275,000,000 higher than a year ago. At the Federal Reserve Banks during the four week period ending March 19, a further decline in the volume of discounts for member banks and of acceptances was offset by an increase in the holdings of United States Securities, so that total earning assets were at about the same level as in February. Federal Reserve Note Circulation continued to decline, while the total money in circulation increased. Easier money conditions were reflected in a slight decline in rates for commercial ppaer to 4% per cent and also in lower rates for bankers acceptances and reduced yields on treasury certificates. The March offering of $400,000,000 of one year treasury certificates bearing interest at 4 per cent as compared with 4% per cent on Digitizeda similar for FRASER issue sold in December, was over subscribed. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 2 THE MONTHLY BUSINESS REVIEW WHOLESALE PRICES PERCENT PtR.CE.MT JW 300 cUU 200 t•UVJ nr* ’00 o o 1919 ' 1920 1921 1922 1923 192** Index of 22 basic commodities corrected for seasonal Index of U. S. Bureau of Labor Statistics. (1913=100 variation. (1919=100) Latest figure February 121 Base adopted by Bureau) Latest figure February 152 Index for 33 manufacturing industries. (1919=100) Weekly figures for 12 Federal Reserve Banks. Latest figure February 99. Latest figure March 19. SIXTH DISTRICT SUMMARY for the approaching season are considerably behind for this time of the year. The wet weather has also con­ Aside from the effects which bad weather conditions and the irregular cotton market have had during the tinued to adversely affect to some extent the volume past month or two, the general situation in this district of wholesale and retail trade, while conditions in the continues on a satisfactory basis. Rains during the cotton manufacturing industry are still more or less past month have continued to interfere with farm unfavorable because of the irregular market for raw Digitizedoperations, for FRASER and in most of the district preparations cotton and the lagging demand for cotton products. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis THE MONTHLY BUSINESS REVIEW 3 Taking seasonal factors into consideration, however, situation continues fairly satisfactory, and there is and the fact that February was a short month, business very little unemployment reported throughout the statistics for the month show favorable comparisons district. in a majority of instances. Retail trade is always smaller in volume in February than in January, but RETAIL TRADE figures for February 1924 show sales in this district Sales during February by 43 reporting department more than seven per cent greater than in the same stores in this district were on the whole 7.3 per cent month last year. Of the nine lines of wholesale trade greater than during the same month last year. De­ reporting to the Federal Reserve Bank, five lines creases at Atlanta and Jackson were more than offset showed increased sales in February compared with Jan­ by increased sales in other reporting cities. Chatta­ uary, while six lines reported sales larger than in Feb­ nooga continues to report the most favorable compari­ ruary a year ago. Month to month comparisons are son with the corresponding month last year. Stocks more than likely to reflect seasonal influences to a of merchandise on hand at the end of February in­ considerable extent, but increases in the volume of creased 12.9 per cent during the month, and were 12.2 sales over the same month a year ago reflect funda­ per cent higher than at the close of February 1923. mental improvement or changes in the level of prices, The rate of turnover, indicated by the relation of stocks and in this instance wholesale prices, according to the to sales, was 2 2 times per year in February, compared United States Bureau of Labor Statistics, are now with nearly 2.4 times per year in January.* lower than they were at this time last year. The index number of sales for the district in Febru­ Building permits continue to reflect a large program ary stands at 84.0, which is higher than February of of construction, and the index number for twenty cities 1923 or 1922, and is only very slightly lower than the in this district for February stands at 236.9, compared figures of 86.4 for February 1921 and 86.6 for Febru­ with 224.3 for February last year. The employment ary 1920. CONDITION OF RETAIL TRADE—FEBRUARY Sixth Federal Reserve District Percentage of Increase or Decrease (3) (4) (1) (2) Comparison of net sales with Percentage of average stocks Percentage of outstanding those of corresponing Stocks at end of Feb. 1924 at end of each month orders at end of Feb. period last year compared with from Jan. to date (2 1924 to total purchases months) to average during calendar A B A B monthly sales year 1923 Feb< Jan. 1 to Feb. Jan. over same Feb. 29 1923 1924 period Atlanta (4) ................. —15.0 — 9.0 — 7.3 +17.8 554.5 4.7 Birmingham (5) ....... + 5.6 + 8.6 +31.0 +24.3 558.6 4.5 Chattanooga (6) ....... +37.5 +36.2 +38.3 + 9.5 606.3 6.0 — 3.8 + 10.7 + 6.8 + 19.5 597.9 X Nashville (5) ........... + 6.7 + 4.8 + 5.1 + 4.9 546.5 7.8 New Orleans (5) ....... + 8.4 + 4.5 +10.7 +10.8 516.1 8.6 Savannah (3) ____ + 2.0 + 4.0 — 0.9 +15.2 667.6 8.0 Other Cities (12)....... + 10.6 + 7.1 + 8.0 + 9.3 587.1 6.1 DISTRICT (43)......... + 7.3 + 6.7 + 12.2 + 12.9 551.8 6.8 WHOLESALE TRADE during February stood at 81.0 compared with 83.9 in The volume of wholesale trade in the district in Febru­ January, and 78.0 in February last year. The number ary, on the whole, was larger than in January, although for February this year is higher than was attained in the index number of the aggregate sales in the four February during the past three years. originally reporting lines was slightly smaller, due to A comparison of total sales, by lines, is shown in the following table: declines in groceries and hardware. Feb. 1924 compared with: The largest decrease, compared with January, Jan. 1924 Feb. 1928 Groceries (40 firms) ........ ..... — 2.1 +11.5 was shown by 32 wholesale hardware firms whose Dry Goods (31 firms) .............. + 1.3 — 6.1 February sales were 9.6 per cent lower than in January.
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